Soviets Establish Stock Exchange: The first Soviet...

Soviets Establish Stock Exchange: The first Soviet stock exchange since the 1917 revolution was set up in Moscow, and foreign companies and banks were invited to participate, the government news agency Tass said. “The Moscow Stock Exchange has been created,” it said. The exchange, approved by Parliament as part of President Mikhail S. Gorbachev’s market-oriented reforms, is the first such trading market since dealing in stock was outlawed shortly after the Bolsheviks came to power. It was not clear when and where trading would take place or how it would differ from Western exchanges.